Pwc Cost of Capital Report

Total Page:16

File Type:pdf, Size:1020Kb

Pwc Cost of Capital Report pwc.co.nz The PwC Cost of Capital Report March 2019 The PwC Cost of Capital Report We are pleased to present the re‑launched PwC Cost of Capital Report, covering 105 NZX‑listed companies. NZ listed equities have performed • Beta is calculated using a strongly in recent months, with the 5-year monthly approach, and headline NZX-50 index currently is measured at multiple points trading at an all-time high. Key recent through the month to reduce the market trends have included: potential for spurious variations. In Gareth Galloway • A continued downward trend in addition, we have applied a ‘floor’ Partner - Head of Corporate long-term government bond rates, asset beta of 0.4. We emphasise Finance with the 10-year government that the calculated betas reflect +64 21 983 519 bond yield at 1.8% as at 31 March a formulaic approach based [email protected] 2019, and on observed share prices, and the application of professional • An increase in observed market judgment may result in a different EBITDA multiples, currently at an estimate of beta. average of 12.9x (compared to 11.4x as at 31 March 2017). The Cost of Capital and Market Chris Hedley Multiples report is intended as an Executive Director Key assumptions underlying our overview of WACC and Market +64 21 479 860 analysis include the following: Multiples as at 31 March 2019. [email protected] • Based on government bond rate Advisors may form a different view trends, we have revised our view on key assumptions, particularly on the long-term risk free rate beta, based on the perceived downwards to 2.75%, reflecting systematic risk of a company and implied forward yields on longer- its comparables. As many of the term bonds. Government bond calculations here are mechanical, Mark Paterson yields are currently at historical readers are advised that they should Director lows, and we will continue to consult the PwC Deals team if +64 21 879 610 monitor rates closely given the require a formal WACC estimate. [email protected] potential for further OCR rate cuts We also note that the market by the Reserve Bank. multiples presented are based on • We have retained our estimate of observed historical earnings, as the post-tax market risk premium normalised earnings forecasts are of 7.5%. This is based on historical not available for all companies. data from 1928 onwards and has proven resilient to economic PwC is the leading corporate cycles in the past; however we finance practice in the New Zealand anticipate providing an update on market, and has completed over the market risk premium in the 200 valuations in the last 3 years, next cost of capital report. spanning large listed companies to minority interests in small, • Based on analysis from our private businesses, across all market-leading Corporate industry sectors. Treasury team, we have refreshed our approach to cost of debt. Cost of debt has been estimated using the spread implied by the company’s current credit rating (if one is available) or the implied credit rating based on a high-level shadow credit rating analysis. PwC | Cost of Capital Report: New Zealand | 2 Cost of capital and market multiples Company NZSE EBITDA EBIT NPAT Equity D / (D+E) WACC Code Multiple Multiple Multiple Beta Ratio Agriculture & Fishing The a2 Milk Company Limited ATM 29.4 29.5 42.1 1.4 0% 12.2% Synlait Milk Limited SML 16.8 20.8 26.9 1.5 14% 12.1% Delegat Group Limited DGL 12.8 15.1 18.7 0.5 23% 5.1% Sanford Limited SAN 9.3 12.0 15.6 0.4 19% 4.8% Fonterra Shareholders' Fund FSF NM NM NM 0.4 0% 4.6% PGG Wrightson Limited PGW 16.6 24.3 NM 1.1 36% 8.0% New Zealand King Salmon Investments Limited NZK 13.2 16.3 23.2 0.8 5% 7.4% T&G Global Limited TGG 10.9 21.6 NM 0.5 31% 5.0% Seeka Kiwifruit Industries Limited SEK 8.9 14.7 18.5 0.6 37% 5.4% Foley Wines Limited FWL 16.1 23.8 35.6 0.4 15% 4.9% Marlborough Wine Estates Group Limited MWE NM NM NM 0.4 8% 4.8% 16% 10.4% Health & Aged Care Fisher & Paykel Healthcare Corporation Limited FPH 27.7 31.4 43.7 1.2 1% 10.9% Ryman Healthcare Limited RYM 18.6 19.7 17.2 1.2 17% 9.8% Ebos Group Limited EBO 15.2 17.4 22.7 1.0 18% 8.4% Summerset Group Holdings Limited SUM 8.4 8.6 6.9 1.4 24% 10.1% Metlifecare Limited MET 11.6 12.0 11.4 1.2 19% 9.2% Oceania Healthcare Limited OCA 20.6 26.6 17.3 1.1 25% 8.4% Arvida Group Limited ARV 8.1 8.5 7.3 0.8 22% 6.7% AFT Pharmaceuticals Limited AFT NM NM NM 0.4 18% 5.0% TruScreen Limited TRU NM NM NM 0.4 0% 4.6% Pacific Edge Limited PEB NM NM NM 0.6 0% 6.2% Green Cross Health Limited GXH 5.6 6.7 8.7 0.5 27% 4.9% Abano Healthcare Group Limited ABA 7.1 10.3 8.1 0.8 58% 5.3% 13% 9.7% Transport Mainfreight Limited MFT 18.0 21.9 29.7 0.6 7% 5.9% Air New Zealand Limited AIR 5.9 12.6 9.2 1.0 50% 6.1% Freightways Limited FRE 13.0 14.9 20.0 0.8 12% 7.4% TlL Logistics Group Limited TLL 7.8 14.4 17.0 0.6 41% 4.9% Qex Logistics Limited QEX 17.8 18.3 27.0 0.4 10% 4.7% 30% 6.2% Investment AMP Limited AMP NM NM NM 1.6 78% 5.1% Infratil Limited IFT 10.9 16.7 29.4 0.8 45% 6.3% Kingfish Limited KFL 5.5 5.5 5.5 0.5 0% 5.6% Marlin Global Limited MLN NM NM NM 0.4 0% 5.3% Barramundi Limited BRM NM NM NM 0.4 0% 4.8% Rubicon Limited RBC 10.7 NM 17.0 1.1 36% 7.3% Mercantile Investment Company Limited MVT 45.5 46.8 NM 0.7 46% 5.9% 71% 5.3% PwC | Cost of Capital Report: New Zealand | 3 Company NZSE EBITDA EBIT NPAT Equity D / (D+E) WACC Code Multiple Multiple Multiple Beta Ratio Property Goodman Property Trust GMT 12.1 12.1 10.5 0.6 24% 5.9% Kiwi Property Group Limited KPG 16.3 16.3 17.7 0.7 30% 5.7% Precinct Properties New Zealand Limited PCT 9.9 9.9 7.8 0.6 27% 5.4% Argosy Property Limited ARG 9.3 9.3 7.5 0.6 38% 5.0% Property for Industry Limited PFI 9.8 9.8 8.8 0.5 30% 5.0% Vital Healthcare Property Trust VHP 19.9 11.4 10.3 0.6 44% 5.1% Investore Property Limited IPL 11.3 11.3 9.4 0.6 43% 5.0% CDL Investments New Zealand Limited CDI 5.0 5.0 6.7 0.4 0% 4.6% Augusta Capital Limited AUG 13.1 13.4 25.3 0.4 6% 4.7% Asset Plus Limited APL 18.0 18.9 24.8 0.4 9% 4.7% 31% 5.4% Financial Westpac Banking Corporation Limited WBC 25.9 26.8 10.1 1.3 74% 4.9% Australia and New Zealand Banking Group Limited ANZ 26.9 28.0 10.5 1.3 74% 4.9% Heartland Group Holdings Limited HGH 18.6 19.6 12.3 1.1 55% 6.1% NZX Limited NZX 15.5 16.9 23.6 0.5 12% 5.3% Tower Limited TWR NM NM NM 0.9 0% 8.8% 74% 4.9% Services AWF Madison Group Limited AWF 9.2 13.2 15.0 0.6 37% 5.4% Evolve Education Group Limited EVO NM NM NM 0.9 60% 5.1% 49% 5.3% Ports Auckland International Airport Limited AIA 12.5 13.9 15.6 1.1 18% 8.6% Port of Tauranga Limited POT 24.1 28.3 38.4 0.5 11% 5.7% Marsden Maritime Holdings Limited MMH 24.4 25.4 25.4 0.4 3% 4.6% South Port New Zealand Limited SPN 11.3 14.1 19.3 0.4 6% 4.6% 16% 7.8% Building Materials & Construction Fletcher Building Limited FBU 10.3 16.1 24.5 1.3 30% 9.3% Steel & Tube Holdings Limited STU NM NM NM 0.4 11% 4.9% Metro Performance Glass Limited MPG 4.7 7.3 6.0 1.0 55% 5.9% 30% 9.1% Industrial Products Skellerup Holdings Limited SKL 9.3 10.9 14.2 0.5 9% 5.3% Scott Technology Limited SCT 10.7 13.7 18.4 0.6 4% 6.3% EROAD Limited ERD 19.3 NM NM 1.7 16% 12.5% Methven Limited MVN 11.6 14.7 19.7 0.7 21% 6.1% Wellington Drive Technologies Limited WDT NM NM NM 0.6 9% 6.0% ikeGPS Group Limited IKE NM NM NM 0.4 0% 4.6% 10% 7.0% Leisure & Tourism SKYCITY Entertainment Group Limited SKC 10.1 13.9 16.5 1.2 20% 9.6% Tourism Holdings Limited THL 6.3 10.1 10.3 0.8 28% 6.7% Millennium & Copthorne Hotels New Zealand Limited MCK 6.9 7.6 9.8 0.4 10% 4.7% 20% 8.4% PwC | Cost of Capital Report: New Zealand | 4 Company NZSE EBITDA EBIT NPAT Equity D / (D+E) WACC Code Multiple Multiple Multiple Beta Ratio Retail Restaurant Brands New Zealand Limited RBD 13.2 21.0 29.7 0.8 13% 7.5% The Warehouse Group Limited WHS 8.4 16.4 28.0 0.4 20% 4.9% Briscoe Group Limited BGP 7.9 8.4 11.4 0.6 0% 6.2% Kathmandu Holdings Limited KMD 6.5 7.7 9.7 1.0 14% 8.4% Hallenstein Glasson Holdings Limited HLG 6.0 7.1 9.8 0.6 0% 6.3% Michael Hill International Limited MHJ 6.8 11.3 16.1 1.5 10% 12.2% The Colonial Motor Company Limited CMO 8.3 9.1 11.1 0.7 29% 5.7% Turners Automotive Group Limited TRA 11.2 12.3 7.5 0.9 63% 5.9% 18% 6.8% Consumer Scales Corporation Limited SCL 11.1 13.2 15.5 1.2 9% 10.0% Moa Group Limited MOA NM NM NM 1.0 0% 9.5% Comvita Limited CVT 29.4 NM NM 0.6 37% 5.4% Cavalier Corporation Limited CAV NM NM NM 0.7 37% 6.1% Just Life Group Limited JLG 8.6 14.8 18.8 0.5 23% 4.8% 18% 8.5% Media & Telecommunications Telstra Corporation Limited TLS 6.9 11.4 12.2 0.6 33% 5.2% Spark New Zealand Limited SPK 10.0 15.4 18.6 0.7 22% 6.5% Chorus Limited CNU 8.5 22.4 37.8 1.1 54% 6.3% Sky Network Television Limited SKT NM NM NM 0.5 30% 5.2% NZME Limited NZM 6.1 11.2 9.2 1.5 53% 7.8% Vital Limited VTL 4.2 6.8 8.4 0.6 28% 5.9% 33% 5.4% Utilities Meridian Energy Limited MEL 17.5 27.1 44.0 1.1 13% 9.2% Mercury NZ Limited MCY 12.1 18.2 25.7 0.8 21% 7.1% Contact Energy Limited CEN 8.7 12.5 14.2 0.9 19% 7.4% Vector Limited VCT 11.4 18.7 23.5 0.6 41% 5.2% Genesis Energy Limited GNE 14.7 37.2 NM 1.1 27% 8.0% Z Energy Limited ZEL 5.6 6.9 7.8 1.1 27% 8.2% TrustPower Limited TPW 12.0 14.4 18.6 0.7 19% 6.6% Tilt Renewables Limited TLT 11.8 NM NM 0.7 49% 5.2% The New Zealand Refining Company Limited NZR 6.1 16.7 22.1 0.5 29% 5.0% NZ Windfarms Limited NWF 12.8 38.3 NM 0.6 23% 5.5% 23% 7.5% Information Technology Trade Me Group Limited TME 19.5 20.0 26.9 0.9 8% 8.3% Pushpay Holdings Limited PPH NM NM NM 1.5 0% 13.4% Vista Group International Limited VGL 34.1 38.4 NM 1.3 1% 11.3% Gentrack Group Limited GTK 19.5 22.0 34.9 1.0 0% 9.9% Rakon Limited
Recommended publications
  • Market Overview Funds at a Glance
    As of 31 July 2020 Market overview Global markets were mixed in July, with the US S&P500 (+5.6%) and the MSCI For more information on our Funds, World index (+4.8%) finishing positive. The UK (-4.2%) and Japan (-2.6%) were please contact: lower, while Australia was marginally up (+0.5%) and NZ was up (+2.4%). Global bonds were strong (yields lower), and NZ bonds followed suit to lesser degree; David Boyle while Gold was very strong in July. Head of Sales & Marketing Level 25, SAP Tower The main underperformer in the month was the US dollar. With global central 151 Queen Street, Auckland banks (especially the US Federal Reserve) firmly committed to doing whatever it New Zealand takes and the pandemic getting worse rather than better, real interest rates fell (along with nominal bond yields). As a result, reflation assets like gold, P 0800 646 833 commodities and some equities stood up, as did corporate bonds. The out- E [email protected] performance of US equities (vs the world) was primarily due to that market’s heavy www.mintasset.co.nz weighting toward a few tech / growth stocks. Markets without those kind of stocks didn’t keep up. Australia was generally positive through the month (helped by its big weight to Resources stocks), but fell back in the last few days as the outbreak in Victoria worsened. Here in New Zealand, the market was generally strong with the renewed offer for Metlifecare sparking the retirement village sector, and the gentailers staying fairly resilient in the face of the announcement buy Rio Tinto that they may close the Tiwai smelter in August 2021.
    [Show full text]
  • The Country's Biggest Warehouse Stationery Store
    group executive GREG MUIR DAVID WILSON ROBERT SMITH PAUL HUTCHINSON BRUCE GORDON GRAHAM CHAD NEVILLE BROWN KEITH SMITH HAMISH McKENZIE BRENT WALDRON JOAN WITHERS STEPHEN TINDALL DAVE RICKARDS ROBERT CHALLINOR GLEN INGER NEIL PLUMMER JOHN AVERY JOHN DAHLSEN GRAHAM EVEVANSANS directors contents Chief Executive Officer’s Review ..........................................................................................................3 Triple Bottom Line Summary Report ....................................................................................................11 Corporate Governance ......................................................................................................................14 Founder’s Report ..............................................................................................................................22 Ten Year Review ..............................................................................................................................24 Financials ........................................................................................................................................26 highlights of the year Between 1 August 2000 and 31 July 2001 The Warehouse Group achieved an audited net surplus after tax of $60.8 million The Warehouse Group achieved sales of $1.665 billion The Warehouse New Zealand opened nine new stores - six in new locations and three replacement stores Warehouse Stationery opened nine new stores The Warehouse Australia opened ten new stores - eight in new locations
    [Show full text]
  • Kingfish Monthly Update
    Monthly Update August 2017 KFL NAV SHARE PRICE DISCOUNT $1.42 $1.29 8.9% as at 31 July 2017 A word from the Manager — Ownership of Kingfish and currency Fisher Funds Fisher Funds’ Chief Investment Strategist, Mark Brighouse, provides insights into what impact currency has on the Kingfish portfolio. On 3 August, TSB Community “There is no sphere of human thought in which it is easier to show superficial Trust announced it had reached cleverness and the appearance of superior wisdom than in discussing questions an agreement to acquire the of currency and exchange.” remaining 51% of Fisher Funds — Winston Churchill, House of Commons, 1949 that they do not already own, taking them to 100%. As part Winston Churchill was ready to acknowledge that while many people will be of the agreement, the Trust prepared to offer views on the direction of exchange rates, in reality very few will sell approximately 25% of will have superior foresight on something that is so notoriously hard to predict. Fisher Funds to TA Associates. While Kingfish has no direct currency exposure, investing in only New Zealand TA Associates is a global dollar denominated shares and cash, the companies we invest in often have growth private equity firm diverse array of international operations exposing them to currency risks. based in the United States which specialises, amongst Corporates typically protect against movements in currency in three different other things, in investment in ways: hedging using an array of financial instruments, matching offshore assets funds management businesses against offshore liabilities (borrowing in the country/currency you are investing around the world.
    [Show full text]
  • Download PDF
    Table of Contents Executive summary ............................................................................................... 2 What Auckland consumers have to say about electricity retail issues ........................... 3 The EAP has not fully met the requirements of the terms of reference ......................... 4 The big-5 incumbent retailers are to blame for residential price increases .................... 5 Sweet-heart deals with Tiwai Smelter are keeping prices artificially high ...................... 6 Stronger wholesale and retail competition needed to make electricity more affordable ... 8 Saves & Winbacks is making the two-tier retail market problem worse ...................... 11 Late payment penalties disadvantage vulnerable Kiwis unable to pay on time ............. 14 Prepayment arrangements exploit vulnerable consumers ......................................... 18 There are questions about compliance with the Vulnerable Consumer Guidelines and the objectives of the Guidelines .................................................................................. 19 Concluding remarks and recommendations ............................................................. 20 Appendix 1: Price increases over the last 18-years largely driven by retail (energy) .... 22 Appendix 2: Manipulation of pricing data can make it look like lines are to blame ........ 27 Appendix 3: The electricity retail and generation markets are highly “concentrated” .... 30 Appendix 4: Retail competition improvements driven by the last inquiry reforms
    [Show full text]
  • FY21 Results Overview
    Annual Report 2021 01 Chorus Board and management overview 14 Management commentary 24 Financial statements 60 Governance and disclosures 92 Glossary FY21 results overview Fixed line connections1 Broadband connections1 FY21 FY20 FY21 FY20 1,340,000 1,415,000 1,180,000 1,206,000 Fibre connections1 Net profit after tax FY21 FY20 FY21 FY20 871,000 751,000 $47m $52m EBITDA2 Customer satisfaction Installation Intact FY21 FY20 FY21 FY21 $649m $648m 8.2 out of 10 7.5 out of 10 (target 8.0) (target 7.5) Dividend Employee engagement score3 FY21 FY20 FY21 FY20 25cps 24cps 8.5 out of 103 8.5 This report is dated 23 August 2021 and is signed on behalf of the Board of Chorus Limited. Patrick Strange Mark Cross Chair Chair Audit & Risk Management Committee 1 Excludes partly subsidised education connections provided as part of Chorus’ COVID-19 response. 2 Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure. We monitor this as a key performance indicator and we believe it assists investors in assessing the performance of the core operations of our business. 3 Based on the average response to four key engagement questions. Dear investors Our focus in FY21 was to help consumers especially important because fixed wireless services don’t capitalise on the gigabit head start our fibre provide the same level of service as fibre - or even VDSL in network has given New Zealand. We knocked most cases – and these service limitations often aren’t made clear to the customer. on about a quarter of a million doors and supported our 100 or so retailers to connect As expected, other fibre companies continued to win copper customers in those areas where they have overbuilt our another 120,000 consumers to fibre.
    [Show full text]
  • Our Port History to Modern Day August 2013
    Port History to Modern Day S:\Port Information\Our Port History to Modern Day August 2013 2 EARLY HISTORY OF THE PORT OF TAURANGA 1290 Judge Wilson in his Sketches of Ancient Maori Life and History records that the canoe Takitumu carrying immigrants from Hawaiiki arrived in approximately 1290 AD and found Te Awanui (as Tauranga was then named) in the possession of a tribe of aborigines whose name, Puru Kopenga, or full net testified to the rich harvest to be drawn from the surrounding waters. 1769 In November, Captain James Cook passed close to Tauranga (pronounced Towrangha ) but did not enter the harbour. 1828 Probably the first European vessel to visit Tauranga was the missionary schooner Herald that called during this year. 1853 Captain Drury in HMS Pandora surveyed and charted the coast and harbour. 1864 Under the Marine Board Act of 1863, the Auckland Provincial Government Superintendent appointed the first pilot Captain T S Carmichael on 8 December 1864. He fixed leading buoys and marks in position to define the navigable channel, and his first piloting assignment was to bring HMS Esk into the harbour. The first house at Mount Maunganui was built for him late in 1866, to replace the tent in which he had lived during the previous two years. Copies of his early diaries are held in Tauranga s Sladden Library. Tauranga is probably the only Port in the country to experience a naval blockade. The Government of the day, fearful that arms would be run to hostile Maori warriors, imposed the blockade by notice in the New Zealand Gazette dated 2 April 1864.
    [Show full text]
  • Market Overview Funds at a Glance
    As of 31 August 2020 Market overview Global markets were positive again in August on vaccine hope and a very strong For more information on our Funds, tech sector. The US S&P500 was up 7.2% and the MSCI World index up 6.3%. All please contact: share markets were positive, including Australia up 2.8% and NZ up 1.8%. Global bonds were weak (yields rose), with the US 10-year up 0.17% to 0.70% and the David Boyle Australian 10-year up the same to 0.98%. NZ bonds bucked the offshore moves Head of Sales & Marketing and our 10-year bond fell 0.14% to 0.61%. Level 25, SAP Tower 151 Queen Street, Auckland It was reporting season in NZ and Australia in August. NZ was generally better than New Zealand expectations, or at least not as bad as it might have been. Revenue and earnings were slightly ahead of expectations in aggregate; however, dividends disappointed P 0800 646 833 a bit as boards took an understandably conservative approach to distributions. E [email protected] Only one third of companies gave guidance for the period ahead reflecting the www.mintasset.co.nz prevailing highly uncertain operating environment. EPS for companies reporting in Australia fell 20% for the year ending June, an outcome on a par with the GFC. However, this too was slightly better than expectations, with resilience in Consumer Staples, Building Materials and Discretionary Retail. The key upside factor this reporting season was better than expected cash flows, reflecting a fall in inventories and some delay in capex.
    [Show full text]
  • Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021
    Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021 ASX listed securities ASX Code Security Name LVR ASX Code Security Name LVR A2M The a2 Milk Company Limited 50% CIN Carlton Investments Limited 60% ABC Adelaide Brighton Limited 60% CIP Centuria Industrial REIT 50% ABP Abacus Property Group 60% CKF Collins Foods Limited 50% ADI APN Industria REIT 40% CL1 Class Limited 45% AEF Australian Ethical Investment Limited 40% CLW Charter Hall Long Wale Reit 60% AFG Australian Finance Group Limited 40% CMW Cromwell Group 60% AFI Australian Foundation Investment Co. Ltd 75% CNI Centuria Capital Group 50% AGG AngloGold Ashanti Limited 50% CNU Chorus Limited 60% AGL AGL Energy Limited 75% COF Centuria Office REIT 50% AIA Auckland International Airport Limited 60% COH Cochlear Limited 65% ALD Ampol Limited 70% COL Coles Group Limited 75% ALI Argo Global Listed Infrastructure Limited 60% CPU Computershare Limited 70% ALL Aristocrat Leisure Limited 60% CQE Charter Hall Education Trust 50% ALQ Als Limited 65% CQR Charter Hall Retail Reit 60% ALU Altium Limited 50% CSL CSL Limited 75% ALX Atlas Arteria 60% CSR CSR Limited 60% AMC Amcor Limited 75% CTD Corporate Travel Management Limited ** 40% AMH Amcil Limited 50% CUV Clinuvel Pharmaceuticals Limited 40% AMI Aurelia Metals Limited 35% CWN Crown Limited 60% AMP AMP Limited 60% CWNHB Crown Resorts Ltd Subordinated Notes II 60% AMPPA AMP Limited Cap Note Deferred Settlement 60% CWP Cedar Woods Properties Limited 45% AMPPB AMP Limited Capital Notes 2 60% CWY Cleanaway Waste
    [Show full text]
  • Asx Clear – Acceptable Collateral List 28
    et6 ASX CLEAR – ACCEPTABLE COLLATERAL LIST Effective from 20 September 2021 APPROVED SECURITIES AND COVER Subject to approval and on such conditions as ASX Clear may determine from time to time, the following may be provided in respect of margin: Cover provided in Instrument Approved Cover Valuation Haircut respect of Initial Margin Cash Cover AUD Cash N/A Additional Initial Margin Specific Cover N/A Cash S&P/ASX 200 Securities Tiered Initial Margin Equities ETFs Tiered Notes to the table . All securities in the table are classified as Unrestricted (accepted as general Collateral and specific cover); . Specific cover only securities are not included in the table. Any securities is acceptable as specific cover, with the exception of ASX securities as well as Participant issued or Parent/associated entity issued securities lodged against a House Account; . Haircut refers to the percentage discount applied to the market value of securities during collateral valuation. ASX Code Security Name Haircut A2M The A2 Milk Company Limited 30% AAA Betashares Australian High Interest Cash ETF 15% ABC Adelaide Brighton Ltd 30% ABP Abacus Property Group 30% AGL AGL Energy Limited 20% AIA Auckland International Airport Limited 30% ALD Ampol Limited 30% ALL Aristocrat Leisure Ltd 30% ALQ ALS Limited 30% ALU Altium Limited 30% ALX Atlas Arteria Limited 30% AMC Amcor Ltd 15% AMP AMP Ltd 20% ANN Ansell Ltd 30% ANZ Australia & New Zealand Banking Group Ltd 20% © 2021 ASX Limited ABN 98 008 624 691 1/7 ASX Code Security Name Haircut APA APA Group 15% APE AP
    [Show full text]
  • December 2013 Investment Survey
    MJW Survey – December 2013 Quarterly market overview Investments KiwiSaver Wholesale funds & KiwiSaver results January 2014 Market returns Quarter (%) Year (%) Quarter (%) Year (%) NZX 50 (including imputation credits) 0.2 17.9 NZX NZ Government Bond 0.5 -2.0 S&P/ASX 200 (NZD) 0.1 3.8 NZX Corporate A Grade 0.6 1.9 MSCI World - Local Currency 8.4 28.9 NZ All Swaps -0.3 -1.6 MSCI World - Hedged 8.3 30.6 Barclays Global Aggregate 0.9 2.2 MSCI World - Unhedged 9.3 27.0 Citigroup WGBI 0.7 2.5 MSCI Emerging Markets - Unhedged 3.1 -2.4 90 Day Bank Bill 0.7 2.7 NZX Property -0.5 3.9 NZ $ / US $ -1.2 -0.2 UBS Global Property 0.2 6.5 NZ $ / A $ 3.3 15.8 1 Quarterly market overview NZ cash and fixed interest: It was a better quarter for NZ bonds with the yield on 10 year government stock rising from 4.1% to 4.6% over the period, resulting in a NZX Government Stock Index return for the quarter of 0.5%. For the one year period, the return was a disappointing -2.0%; in contrast the NZX Corporate A Grade Index returned 1.90% for the year. Global bonds did slightly better with the hedged BGA index returning 0.9% for the quarter and 2.2% for the year. Cash continued to achieve solid albeit sub 3% returns at 2.7%. Australasian shares: While NZ investors had a weak quarter, up just 0.2% the 1 year number was solid at 17.9%.
    [Show full text]
  • New Zealand Broadband: Free TV's and Fridges - the Consumer Wins but Is It Sustainable?
    MARKET PERSPECTIVE New Zealand Broadband: Free TV's and Fridges - The Consumer Wins but is it Sustainable? Peter Wise Shane Minogue Monica Collier Jefferson King Sponsored by Spark New Zealand Limited IDC OPINION The New Zealand telecommunications market is shifting; from a focus around better and faster connectivity, to service innovations and value. Consumers are enjoying better internet connectivity and a raft of competitive offers from more than 90 retailers. Retailers, however, are feeling the pinch of decreasing margins. Questions are starting to arise about the sustainability of such a competitive retail marketplace. Total telecommunications market revenues increased by 1.1% from NZ$5.361 billion in the year to December 2016 to NZ$5.421 billion in the year to December 2017. IDC forecasts that this growth will continue in future years with a Compound Annual Growth Rate (CAGR) of 1.4% to 2021. However, this growth disguises the true story of a market that is displaying extreme price pressure and competition in both fixed and mobile. Overall, ARPUs are either flat or declining in both broadband and mobile and in the broadband space Retail Service Providers (RSPs) continue to compete away any chance of strong, sustainable ARPU growth. New Zealand telecommunication's structural separation and national broadband plan have created new constructs and market dynamics. The UFB initiative has commoditised fibre in New Zealand. Consumer fibre plan prices have plummeted from averaging over NZ$200 per month in 2013 to around NZ$85 per month as at February 2018. Fibre is available to more than a million homes and premises, and over a third have made the switch.
    [Show full text]
  • We're Making Life Better
    Contact Energy Annual Limited Report 2019 WE’RE MAKING LIFE BETTER ANNUAL REPORT 2019 Contact is the human energy company with great ideas and smart solutions that make living easier for customers, now and in the future. This Annual Report is dated 12 August 2019 and is signed on behalf of the Board by: Robert McDonald Dame Therese Walsh Chair Chair, Audit Committee This report is printed on an environmentally responsible paper produced using Elemental Chlorine Free (ECF) FSC Certified pulp sourced from Sustainable & Legally Harvested Farmed Trees, and manufactured under the strict ISO14001 Environmental Management System. The inks used in printing this report have been manufactured from vegetable oils derived from renewable resources, and are biodegradable and mineral oil free. All liquid waste from the printing process has been collected, stored and subsequently disposed of through an accredited recycling company. CONTENTS This Year In Review ............................................................................................................................................................................... 5 Chair’s review .......................................................................................................................................................................................................................................................6 Chief Executive Officer’s review ..............................................................................................................................................................................................................7
    [Show full text]